Bitcoin has enjoyed some impressive gains lately, breaking through $40,000, $50,000 and $60,000 for the first time all this year.
After surpassing the aforementioned price levels, the cryptocurrency has been enjoying a period of strength, trading north of $50,000 since March 8, CoinDesk figures show.
Since the digital asset has been fluctuating above this key, psychological price level for more than a week, several market experts weighed in, offering some technical analysis.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
William Noble, the chief technical analyst of research platform Token Metrics, put it bluntly, stating “BTC has built solid support above $50k.”
“Big players set themselves up to buy just below $55k,” he said, adding that “$54k and $55k are really good support levels.”